Sirius XM said it now expects to see net subscriber additions total 750,000 in 2010, up from its previous forecast of 500,000. Sirius XM also raised its 2010 target for pro-forma adjusted income from operations to $575 million, up from its prior view of $550 million. Sirius XM also anticipates full-year pro-forma revenue of about $2.75 billion and free cash flow of more than $100 million.
"Our continuing strong operating performance, the recovering economy, and improving auto sales support our increase in guidance today," Sirius XM CEO Mel Karmazin said in a statement.
Sirius XM shares were up 6 cents, or 5.6%, to $1.13 in Monday's premarket session. The 50-day average daily volume for Sirius XM is 145.73 million, according to the Nasdaq.Elsewhere, Hauppauge Digital (HAUP) dropped by 36 cents, or 9.2%, to $3.57 in the premarket session, retracing some of last week's 281% surge, after the company late Friday posted a second-quarter loss of 9 cents a share on revenue of $13.8 million. Last week, Hauppauge Digital shares rallied after the company said its WinTV-HVR TV tuner boards for PCs can now stream live TV over the Internet to the Apple (AAPL) iPad, iPhone and iPod touch. The 50-day average daily volume for Hauppauge is 676,000. Meanwhile, several stocks were set to move on M&A news. The South Financial Group (TSFG) said that TD Bank Financial Group (TD) will acquire all outstanding shares of common stock of TSFG in a $61 million deal. Under terms of the deal, TSFG's common shareholders will receive, at each shareholder's election, 28 cents in cash or 0.004 shares of TD common stock per TSFG common share. TSFG shares closed Friday at 67 cents. The 50-day average daily volume for TSFG is 7.57 million. EF Johnson Technologies (EFJI) said it will be acquired by an affiliate of private-equity fund Francisco Partners for $1.05 per share. Shares of EJ Johnson closed Friday at $1.03. The 50-day average daily volume for EF Johnson is 72,000.
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